South Korean currency weakens to four-year low

Seoul, Aug 24 (IANS) South Korea’s currency weakened on Monday to the lowest in about four years to the US dollar.

The won/dollar exchange rate touched 1,200 won per dollar after the opening bell, marking the highest since October 4, 2011, reported Xinhua news agency.

The rate was quoted at 1,196.6 won versus the greenback as of 1.45 p.m. (local time).

The exchange of artillery fires between the two Koreas inside the demilitarised zone (DMZ) on Thursday boosted worries about geopolitical risks among foreign investors.

The benchmark Kospi stock index tumbled 2.5 percent in the afternoon trading due to the inter-Korean tensions and worries about economic slowdown in China.

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